During a talk program Squawk Box, Galaxy Investments CEO Mike Novogratz said that with increasing demand from institutions for Bitcoin, the volatility of the coin is likely to reduce.
Related: Mike Novogratz Predicts the BTC Price and the Future of DeFi
According to Novogratz, that is a good thing. In his opinion, BTC is a store of value and not a transactional currency. Novogratz said that Bitcoin's volatility is less than that of Ether and other altcoins. He finds Bitcoin is digital gold and the rest of cryptos have different use cases and people started to understand that stuff is going to be built on blockchains.
Galaxy Digital CEO mentioned the amazing adoption cycle of cryptocurrencies. Recently, Visa announced a collaboration with 60 crypto platforms to allow crypto payments at 80 million merchants. The leading payments company has revealed the creation of a new advisory division for crypto.
Novogratz also mentioned the huge amount of investments coming from venture capital firms. He expects these two factors, adoption and investments will eventually balance each other out.
He also talked about Litecoin (LTC), Terra (LUNA), and Solana (SOL). Novogratz said that people aren't that engaged in Litecoin. On the other hand, SOL and LUNA are the cryptos that are getting interested from the community.
When asked if Bitcoin's being energy consuming can make it displaced by something, Novogratz said he didn't believe so. The businessman said BTC uses 0.12% of total energy which is less than even Christmas lights. He also mentioned that mainly 80% of mining coin uses green electricity.
At the moment, Bitcoin trades at over $50.000. In the last 24 hours, it went up by about 4%.